UFRBO&E Rejects M/o Finance Proposals for updating Pension

As per the circular issued on 19th March 2014  by UFRBOE, they conveyed their unacceptability to Bank about the M/o finance’s proposals to the Bank on updating the Pension.
the proposals are:
i ) updation will be granted once in every 10 years,
(ii) pension will be calculated on basic pay and “grade pay” without other pay components, as of now;
(iii) all perks will be rationalised“,
(iv) wage revisions’will take place once in 10 years, instead of the existing 5 years.
There was no mention of fresh pension option in the proposals.

United forum had talks with DG(KCC), CGM and DGM of HRMD, and  ED Shri Gandhi.
According to the circular ,the  pension issue is comprising of updation of pension and fresh pension option and not frequency of wage revision / perks, which relates primarily to the banking sector and flows from various tribunals / arbitration awards and bipartite settlements as per lD Act;
Government‘s proposals in this regard are  beyond their jurisdiction and is ‘unacceptable’.
“We have been demanding improvement of pension and not reduction thereof. We emphasized that updation of pension every 10 years will create many anomalies and differential treatments.”

“United Forum will react strongly through intensive agitations if interest of employees and retirees are adversely affected in the name of improvements” it is stated in the circular.
They also  urged on the Bank to pursue the matter further with the Govt.

Download/view Circular dated 19th march 14